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Johannesburg - Global miner Anglo American [JSE:AGL] said on
Friday it had raised its stake in Kumba Iron Ore [JSE:KIO] by 4.5% at a
cost of $950m with no other options outstanding to further increase its
holding.
Anglo said it had raised its stake to 69.7% from 65.2% at an
average weighted purchase price of R519 per share.
“We have no other options outstanding,” a spokesperson said.
Kumba reported an 18% drop in first-half earnings on Friday but is regarded as one of Anglo’s stronger South African assets as the global miner reviews its troubled platinum unit, Anglo Platinum [JSE:AMS], which warned this week of sharply lower profits and saw its chief executive step down.
